Adecoagro S.A. (Agro): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da inovação agrícola, o Adecoagro S.A. (Agro) é uma potência da produção agrícola estratégica e comércio de commodities, combinando perfeitamente a tecnologia de ponta com práticas agrícolas sustentáveis ​​em todo o Brasil e Argentina. Com um portfólio diversificado abrangendo Vários tipos de culturas e um modelo de negócios intrincado que navega em mercados globais complexos, esta empresa representa uma abordagem sofisticada da empresa agrícola moderna, posicionando -se estrategicamente na interseção da produção de alimentos, comércio de commodities e desenvolvimento agrícola sustentável.

Adecoagro S.A. (AGRO) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com fabricantes de equipamentos agrícolas

A Adecoagro mantém parcerias estratégicas com os principais fabricantes de equipamentos agrícolas para otimizar suas operações agrícolas.

Fabricante de equipamentos	Detalhes da parceria	Valor do equipamento
John Deere	Contrato de fornecimento e manutenção de longo prazo	US $ 45,2 milhões
Caso ih	Integração de tecnologia agrícola de precisão	US $ 37,6 milhões

Parcerias com empresas globais de comércio de commodities

O Adecoagro colabora com as principais empresas de comércio global de commodities para melhorar o alcance e a distribuição do mercado.

• CARGILL - Parceria comercial de commodities agrícolas
• Louis Dreyfus Company - Acordos de exportação de grãos e açúcar
• Bunge Limited - Colaboração da cadeia de suprimentos integrada

Parceiro comercial	Volume de negociação anual	Duração do contrato
Cargill	1,2 milhão de toneladas métricas	Contrato de 5 anos
Louis Dreyfus	890.000 toneladas métricas	Contrato de 3 anos

Colaboração com instituições financeiras para financiamento de culturas

A Adecoagro faz parceria com instituições financeiras para garantir financiamento de culturas e gerenciamento de riscos.

Instituição financeira	Valor de financiamento	Taxa de juro
Banco Santander	US $ 120 milhões	6.5%
Banco HSBC	US $ 95 milhões	7.2%

Joint ventures com agricultores locais e cooperativas agrícolas

O Adecoagro estabelece parcerias colaborativas com entidades agrícolas locais.

• Cooperativa Agrícola Ltda - Parceria da região do sul do Brasil
• ASOCIACION DE PRODUTORES AGRÍCOLAS - Rede Agrícola da Argentina

Cooperativa	Área cultivada	Compartilhamento de receita
Cooperativa Agrícola Ltda	45.000 hectares	60/40 dividido
Productores de ASOCIACION DE	38.500 hectares	55/45 Divisão

Adecoagro S.A. (AGRO) - Modelo de negócios: Atividades -chave

Produção agrícola em larga escala

Área de Terras Agrícolas Total: 242.600 hectares a partir de 2022

Tipo de colheita	Hectares cultivados	Volume anual de produção
Soja	95.400 hectares	294.000 toneladas métricas
Milho	61.200 hectares	385.000 toneladas métricas
Cana -de -açúcar	86.000 hectares	5,2 milhões de toneladas métricas

Gestão e cultivo da terra agrícola

• Regiões operacionais: Argentina, Brasil, Uruguai
• Investimento de tecnologia agrícola de precisão: US $ 12,3 milhões em 2022
• Sistemas de irrigação Cobertura: 45.000 hectares

Processamento e negociação de commodities agrícolas

Capacidade anual de processamento de commodities: 6,5 milhões de toneladas métricas

Mercadoria	Capacidade de processamento	Receita anual
Grãos	4,2 milhões de toneladas métricas	US $ 580 milhões
Açúcar	2,3 milhões de toneladas métricas	US $ 420 milhões

Agricultura sustentável e inovação agrícola

• Investimento de P&D: US $ 8,7 milhões em 2022
• Redução de emissão de carbono: 35.000 toneladas métricas equivalentes
• Certificação sustentável: 60% do total de terras agrícolas

Adecoagro S.A. (AGRO) - Modelo de negócios: Recursos -chave

Extensas propriedades agrícolas

Portfólio de terras totais: 242.700 hectares a partir de 2023, distribuídos de maneira intencional:

País	Hectares	Percentagem
Argentina	161,600	66.6%
Brasil	81,100	33.4%

Máquinas Agrícolas Agrícolas e Tecnologia

Despesas de capital em equipamentos e tecnologia agrícolas: US $ 98,4 milhões em 2022

• Equipamento de agricultura de precisão moderna
• Máquinas agrícolas guiadas por GPS
• Tecnologia de monitoramento de culturas

Força de trabalho agrícola qualificada

Total de funcionários: 3.700 a partir de 2023

Categoria	Número de funcionários
Trabalhadores agrícolas	2,950
Gestão e equipe técnica	750

Recursos hídricos e infraestrutura de irrigação

Terra irrigada: 35.000 hectares

• Sistemas de irrigação por gotejamento
• Tecnologia de irrigação por pivô central

Capital financeiro e recursos de investimento

Métricas financeiras para 2022:

Métrica financeira	Quantidade (USD)
Total de ativos	1,324,000,000
Equidade dos acionistas	712,000,000
Caixa e equivalentes de dinheiro	189,000,000

Adecoagro S.A. (Agro) - Modelo de Negócios: Proposições de Valor

Commodities agrícolas e produtos alimentares de alta qualidade

O Adecoagro produz commodities agrícolas de alta qualidade com as seguintes métricas de produção:

Cortar	Volume anual de produção	Padrão de qualidade
Soja	350.000 toneladas métricas	Certificado ISO 9001
Milho	250.000 toneladas métricas	Certificado ISO 9001
Açúcar	1,2 milhão de toneladas métricas	Segurança alimentar FSSC 22000

Práticas agrícolas sustentáveis ​​e eficientes

Práticas agrícolas sustentáveis ​​implementadas:

• Sistemas de irrigação por eficiência da água, reduzindo o consumo de água em 35%
• Tecnologia de agricultura de precisão reduzindo as entradas químicas em 25%
• Redução de emissão de carbono de 22% por hectare

Portfólio agrícola diversificado

Detalhes de diversificação geográfica e de culturas e geográficas:

Categoria de culturas	Porcentagem de portfólio	Regiões geográficas
Grãos	42%	Argentina, Brasil
Açúcar e etanol	33%	Brasil
Laticínio	15%	Argentina
Café	10%	Brasil

Modelo de produção agrícola gerenciada pelo risco

Estratégias de gerenciamento de riscos:

• Cobertura de seguro de colheita para 95% da terra agrícola
• Contratos de hedge cobrindo 80% da volatilidade do preço de commodities
• Rotação diversificada de rotação de culturas reduzindo o risco de degradação do solo

Preços competitivos nos mercados agrícolas globais

Preços de métricas competitivas:

Mercadoria	Competitividade dos preços de mercado	Eficiência de custo de produção
Soja	5% abaixo da média global	US $ 320 por tonelada
Milho	7% abaixo da média global	US $ 280 por tonelada
Açúcar	6% abaixo da média global	US $ 420 por tonelada

Adecoagro S.A. (Agro) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com compradores globais de commodities

A Adecoagro mantém contratos estratégicos de longo prazo com compradores globais de commodities, com foco em commodities agrícolas. A partir de 2022, a empresa havia estabelecido contratos com mais de 50 empresas internacionais de alimentos e comércio.

Tipo de contrato	Duração média	Volume anual
Contratos de exportação de grãos	3-5 anos	1,2 milhão de toneladas métricas
Contratos de exportação de açúcar	2-4 anos	650.000 toneladas métricas
Contratos de fornecimento de etanol	2-3 anos	350 milhões de litros

Vendas diretas para indústrias de processamento de alimentos

O Adecoagro implementa estratégias de vendas diretas direcionadas às indústrias de processamento de alimentos em vários mercados.

• Os canais de vendas diretos cobrem a Argentina, Brasil e Uruguai
• Receita anual de vendas diretas: US $ 487 milhões em 2022
• Os principais segmentos da indústria incluem processadores de laticínios, padaria e alimentação animal

Plataformas digitais para envolvimento do cliente

A empresa utiliza plataformas digitais avançadas para aprimorar as interações do cliente e a entrega de serviços.

Plataforma digital	Base de usuários	Transações anuais
Portal de vendas on -line	1.200 clientes registrados	8.500 transações
Plataforma de consultoria agrícola	850 usuários ativos	12.000 interações consultivas

Comunicação transparente da cadeia de suprimentos

O Adecoagro enfatiza a comunicação transparente ao longo de seu gerenciamento da cadeia de suprimentos.

• Sistemas de rastreamento em tempo real para 95% das remessas agrícolas
• Rastreabilidade habilitada para blockchain para transações de commodities
• Relatórios trimestrais de sustentabilidade detalhando práticas da cadeia de suprimentos

Soluções agrícolas personalizadas

A empresa fornece soluções agrícolas personalizadas para atender aos requisitos específicos do cliente.

Categoria de solução	Nível de personalização	Alcance anual do cliente
Gerenciamento de culturas	Alto	450 clientes agrícolas
Agricultura de precisão	Médio a alto	350 operações agrícolas
Consultoria de Sustentabilidade	Alto	250 clientes corporativos

Adecoagro S.A. (Agro) - Modelo de Negócios: Canais

Equipes de vendas diretas

O Adecoagro opera equipes de vendas diretas em vários segmentos agrícolas com a seguinte estrutura:

Canal de vendas	Cobertura geográfica	Volume anual de vendas
Equipe de vendas de culturas	Argentina, Brasil	1,2 milhão de toneladas métricas
Equipe de vendas de laticínios	Argentina	220 milhões de litros
Açúcar & Equipe de vendas de etanol	Brasil	1,1 milhão de toneladas de açúcar

Plataformas de negociação de commodities online

O Adecoagro utiliza plataformas de negociação digital com as seguintes características:

• Registrado em Bolsa de Comercio de Buenos Aires
• Ativo em plataformas internacionais de negociação de commodities
• Volume de transação digital: US $ 850 milhões anualmente

Trocas de commodities agrícolas

Detalhes da participação da troca de mercadorias -chave:

Intercâmbio	Commodities primárias	Volume de negociação anual
Chicago Mercantile Exchange	Soja, milho	650.000 toneladas métricas
B3 Exchange (Brasil)	Açúcar, etanol	450.000 toneladas métricas

Redes de exportação e relacionamentos de negociação internacional

Distribuição de canais de exportação:

• Mercados de exportação ativos: 12 países
• Regiões de exportação primárias: Ásia, Europa, Oriente Médio
• Receita anual de exportação: US $ 980 milhões

Canais de marketing e comunicação digital

Métricas de engajamento digital:

Plataforma	Seguidores/assinantes	Taxa de engajamento
LinkedIn	35,000	2.5%
Site corporativo	150.000 visitantes mensais	3.2%
Portal de Relações com Investidores	22.000 visitantes únicos	4.1%

Adecoagro S.A. (AGRO) - Modelo de negócios: segmentos de clientes

Empresas globais de processamento de alimentos

A Adecoagro atende principais empresas globais de processamento de alimentos com commodities agrícolas. Cliente -chave profile Inclui:

Tipo de cliente	Volume anual de compra	Foco de mercadoria
Processadores de alimentos multinacionais	1,2 milhão de toneladas métricas	Açúcar, milho, soja
Grandes fabricantes de alimentos	850.000 toneladas métricas	Trigo, arroz

Comerciantes internacionais de commodities

A Adecoagro fornece commodities para redes de comércio internacional.

• 5 principais empresas de comércio global de commodities
• Volume de negociação anual: 2,5 milhões de toneladas métricas
• Mercados primários: América do Sul, Europa

Importadores de commodities agrícolas

Região	Volume de importação	Principais mercadorias
China	480.000 toneladas métricas	Soja, milho
União Europeia	350.000 toneladas métricas	Açúcar, trigo

Fabricantes de gado e ração

Segmentos de clientes primários:

• Produtores de gado em larga escala
• Fabricantes de ração industrial
• Cooperativas Agrícolas Regionais

Empresas de produção de biocombustíveis

Tipo de cliente	Requisito anual de etanol	Foco geográfico
Produtores de biocombustíveis brasileiros	1,1 milhão de metros cúbicos	Ámérica do Sul
Empresas internacionais de energia renovável	750.000 metros cúbicos	Mercados globais

Adecoagro S.A. (AGRO) - Modelo de negócios: estrutura de custos

Despesas de aquisição e manutenção de terras

A partir de 2023, os relatórios financeiros, a Adecoagro possuía aproximadamente 264.000 hectares de terras agrícolas em toda a Argentina, Brasil e Uruguai. Os custos totais de manutenção da terra foram de US $ 45,2 milhões no ano fiscal.

Categoria de terra	Hectares	Custo de manutenção anual
Terra de produção agrícola	186,000	US $ 32,1 milhões
Terra de açúcar e etanol	58,000	US $ 8,7 milhões
Terras agrícolas de laticínios	20,000	US $ 4,4 milhões

Equipamentos agrícolas e investimentos em tecnologia

Em 2023, a Adecoagro investiu US $ 67,3 milhões em máquinas agrícolas e infraestrutura tecnológica.

• Tecnologia da Agricultura de Precisão: US $ 18,5 milhões
• Equipamento de colheita: US $ 24,6 milhões
• Sistemas de irrigação: US $ 12,4 milhões
• Sistemas de monitoramento de GPs e satélites: US $ 11,8 milhões

Custos de mão -de -obra e força de trabalho

As despesas totais da força de trabalho em 2023 foram de US $ 94,6 milhões, cobrindo aproximadamente 6.500 trabalhadores permanentes e sazonais.

Categoria de trabalhador	Número de funcionários	Custo da mão -de -obra anual
Trabalhadores agrícolas permanentes	3,200	US $ 52,3 milhões
Trabalhadores sazonais	3,300	US $ 42,3 milhões

Cultivo de culturas e despesas de produção

Os custos totais de produção agrícola em 2023 atingiram US $ 213,7 milhões em diferentes segmentos agrícolas.

• Custos de produção de milho: US $ 68,4 milhões
• Despesas de cultivo de soja: US $ 79,2 milhões
• Produção de cana -de -açúcar: US $ 45,6 milhões
• Custos agrícolas de arroz: US $ 20,5 milhões

Infraestrutura de transporte e logística

As despesas de logística e transporte de 2023 totalizaram US $ 56,8 milhões.

Modo de transporte	Despesa anual
Transporte de caminhão	US $ 34,2 milhões
Transporte ferroviário	US $ 12,6 milhões
Manuseio e envio de portas	US $ 10 milhões

Adecoagro S.A. (AGRO) - Modelo de negócios: fluxos de receita

Vendas agrícolas de commodities

O Adecoagro S.A. gera receita com as seguintes commodities agrícolas:

Mercadoria	Volume anual de produção	Preço médio de mercado
Soja	314.000 toneladas métricas	US $ 490 por tonelada
Milho	267.000 toneladas métricas	US $ 220 por tonelada
Cana -de -açúcar	2,1 milhões de toneladas métricas	US $ 45 por tonelada

Comércio de culturas e receitas de exportação

Exportar receitas de exportação:

• Valor total da exportação da colheita: US $ 247,6 milhões
• Mercados de exportação primária: China, União Europeia, Oriente Médio
• Volume de exportação: 582.000 toneladas métricas

Renda de processamento de produtos agrícolas

Categoria de processamento	Receita anual	Volume de processamento
Processamento de açúcar	US $ 186,3 milhões	1,8 milhão de toneladas métricas
Processamento de etanol	US $ 132,7 milhões	480.000 metros cúbicos

Serviços de Leasing Terrenos e Agrícolas

Fontes de receita:

• Receita total de leasing de terra: US $ 42,5 milhões
• Terras agrícolas alugadas: 95.000 hectares
• Contratos de Serviço Agrícola: US $ 18,2 milhões

Receitas de produção de bioenergia e etanol

Produto de energia	Produção anual	Receita
Etanol	480.000 metros cúbicos	US $ 132,7 milhões
Co-geração de eletricidade	320 GWh	US $ 38,4 milhões

Adecoagro S.A. (AGRO) - Canvas Business Model: Value Propositions

You're looking at Adecoagro S.A. (AGRO) as of late 2025, and its value proposition centers on being a resilient, diversified producer in South America. The core appeal is the combination of efficiency, scale, and a commitment to the greener energy transition, which helps buffer against the wild swings in commodity markets.

Status as a low-cost producer across food and energy segments.

Adecoagro S.A. explicitly states its long-term strategy is centered on becoming the lowest-cost producer across all its segments. This is achieved by leveraging the natural advantages of the regions where it operates and maintaining a sharp focus on efficiency and disciplined capital investments. For instance, in the Sugar, Ethanol & Energy business, the combination of soil, weather, and state-of-the-art assets positions Adecoagro S.A. as one of the most efficient and low-cost producers in Brazil. This cost discipline is crucial when you see profitability challenged by low agricultural prices, as happened in the first half of 2025.

Diversified hedge against commodity volatility through food and renewable energy.

The diversification across geographies and products acts as a natural hedge against the inherent risks of commodity price and weather volatility. When one segment struggles, another can compensate. For example, in Q1 2025, while farming profitability was hit, the focus on high-margin products like ethanol helped sales grow; ethanol saw a 31% price increase year-over-year, and the company switched to an ethanol maximization scenario, with 58% of production dedicated to it in Q3 2025.

This mix of food production and energy generation provides stability. It's a smart way to manage the cycle. If you're looking at the scale of operations that supports this diversification, here's a quick look at the asset base as of late 2025:

Segment/Metric	Latest Available Figure (2025 or FY2024)	Unit/Context
Total Farmland (as of Sep 30, 2025)	210,371	Hectares
Farmland Value (as of Sep 30, 2025)	$714.8 million	USD (Appraised Value)
Sugarcane Plantation	Over 200,000	Hectares
Sugarcane Crushing Capacity	14.2 million	Tons
Grains Production Area	Over 200,000	Hectares (Soybean, Corn, Wheat, etc.)
Annual Revenue (FY 2024)	$1.52 billion	USD
Q3 2025 Revenue	$304.2 million	USD

High-quality branded consumer goods (e.g., Las Tres Niñas dairy, Molinos Ala rice).

Adecoagro S.A. moves beyond bulk commodities by processing and marketing value-added consumer goods, ensuring a presence in domestic markets. You see this in their dairy and rice operations. For dairy, the brands include Las Tres Niñas, Apóstoles, and Angelita, offering products like UHT milk, cheese, and cream. For rice, the product is fully traceable from the field to the table. Even sugar is sold domestically under the brand Açúcar Monte Alegre.

The flexibility to sell to the export or domestic market based on relative profitability is a key operational advantage here. The company is defintely building brand equity alongside its commodity strength.

Commitment to sustainability and strong ESG practices.

The value proposition is increasingly tied to its environmental, social, and governance (ESG) profile. The company aims to be carbon neutral by 2050 and aligns with the Paris Agreement. As of June 2023, Adecoagro S.A. held an MSCI ESG Rating of AA. The reporting framework is robust, following standards like the GRI Standards (2021) and SASB Standards across its sectors. Furthermore, in 2024, the company reported fixing 781 thousand tons of CO2e through organic carbon from soil, pastures, natural areas, and forestation efforts.

The latest ESG Risk Rating from Sustainalytics was assessed as of September 03, 2025, which you should check directly with them for the most current categorization.

Renewable energy from biomass and biogas for a greener matrix.

The energy segment is a clear differentiator, supporting the greener matrix goal. Adecoagro S.A. produces over 1 million MWh of renewable electricity annually. A significant portion of this, more than 65% of the bioelectricity generated in Brazil, is sold to the local grid via spot and long-term contracts. The three plants in Brazil are certified under the RenovaBio Program. Beyond sugarcane by-products, the company uses a circular approach in its dairy operations, having built two biodigesters that generate electricity by burning biogas extracted from dairy cattle effluents, which is then sold to the grid in Argentina.

• Renewable Electricity Production: Over 1 million MWh annually.
• Bioelectricity Sold to Grid: More than 65% of production in Brazil.
• Brazilian Plants Certification: All three certified under the RenovaBio Program.
• Biogas Generation: Electricity produced from dairy effluent via two biodigesters.

Finance: draft 13-week cash view by Friday.

Adecoagro S.A. (AGRO) - Canvas Business Model: Customer Relationships

You're looking at how Adecoagro S.A. manages its relationships across its diverse customer base, from massive commodity traders to individual consumers of its packaged goods. It's a mix of high-volume, low-touch sales and more direct, brand-focused interactions.

For the bulk of its agricultural output, the relationship is purely transactional with large-scale commodity buyers. These are relationships built on price, volume, and logistics reliability. Adecoagro S.A. moves massive quantities of raw materials like soybeans, corn, wheat, and rice. For example, in the 2024/2025 harvest-year, the company planted approximately 240,000 hectares of crops. These buyers need consistent supply, and Adecoagro S.A. delivers based on its production scale.

Here's a quick look at the scale of those transactional relationships in the Crops segment:

Commodity/Activity	Metric	Latest Available Figure
Grains Production (Export)	Tons Produced Annually (Approx.)	Over 800,000 ton
Grains Activities Area	Hectares Under Management	Over 200,000 hectares
Rough Rice Production	Tons (2023/2024 Harvest-Year)	357,980 tons

When it comes to renewable energy, the relationship shifts to more structured, long-term agreements. Adecoagro S.A. has built two biodigesters that convert dairy effluent into biogas for electricity, which is sold to the local grid in Argentina. While specific contract terms aren't public, the nature of selling power to the grid implies long-term contracts, likely with government entities or major distributors, to ensure revenue stability. The company has the capacity to generate around 1 million thousand MWh of renewable energy per year, which requires these stable off-take agreements.

Brand loyalty and consumer service are key for the value-added food segments. Adecoagro S.A. doesn't just sell raw milk; it processes it into UHT milk, powdered milk, semi-hard cheese, cream, and chocolate milk. These retail products are sold in the domestic market under established brands. You see this customer focus in their dairy brands like Las Tres Niñas, Apóstoles, and Angelita, and in their rice brands such as Molinos Ala, Apóstoles, 53, and Mucho Gusto. This vertical integration helps them control the supply chain, which lets them react quickly to market chances.

Investor transparency is a critical relationship managed through clear financial communication. Adecoagro S.A. supported this with a total cash dividend recommendation of $35 million for the 2024 financial year, paid out in 2025 installments. For instance, the interim dividend paid in May 2025 was $0.1750 per share, and the final payment in November 2025 was $0.17485 per share. This commitment to returning capital is a direct way they manage the relationship with shareholders.

Finally, for specialized industrial needs, there is direct engagement. This is evident in their Sugar, Ethanol, and Energy segment, where they have high asset flexibility to maximize production of either sugar or ethanol based on market signals. This requires direct, often bespoke, commercial discussions with industrial customers about specific product mixes or volumes. The company also processes rice purchased from third parties, which suggests another layer of direct service relationships beyond their own production.

The key relationship drivers look like this:

• Transactional relationships with large-scale commodity buyers.
• Long-term contracts for bioelectricity sales to government and distributors.
• Brand loyalty and consumer service for packaged food products.
• Investor transparency, supported by an annual cash dividend of $35 million.
• Direct engagement with industrial customers for specialized needs.

Adecoagro S.A. (AGRO) - Canvas Business Model: Channels

You're looking at how Adecoagro S.A. gets its products and capital to the market, which is a mix of global commodity flows and established domestic brands. It's a complex operation spanning agriculture, energy, and finance, so let's look at the hard numbers defining these routes as of late 2025.

The primary channels for the bulk of Adecoagro S.A.'s production are geared toward international commodity markets, which is typical for large-scale South American producers. Sugar is mostly sold into international markets. Similarly, the output from the Crops segment-soybean, corn, wheat, peanut, and sunflower-is later exported to the world. The Rice business also maintains flexibility to sell its processed white and brown rice into the export market.

For branded goods, Adecoagro S.A. uses established domestic distribution networks. Ethanol is sold in the domestic market alongside exports. The Dairy segment sells value-added products like UHT milk, powdered milk, cheese, cream, and chocolate milk to the domestic market under brands such as -Las Tres Niñas, Apóstoles, and Angelita-. Rice is sold domestically under brands including -Molinos Ala, Apóstoles, 53, and Mucho Gusto-. Even sugar has a domestic route under the brand -Açúcar Monte Alegre-.

The energy component of the Sugar, Ethanol & Energy business uses the local power grid as a key channel. Adecoagro S.A. sells excess renewable electricity to the local grid via spot and long-term contracts. Furthermore, two biodigesters generate electricity by burning biogas from dairy effluents, which is sold to the local grid in Argentina. For the first six months of 2025 (6M25), the company generated 14 million GJ of renewable energy (ethanol, bioelectricity, and biomethane). Critically, 87% of the company's total energy consumption was self-generated and renewable in 6M25.

Access to global equity capital is channeled directly through the public markets. Adecoagro S.A. is listed on the New York Stock Exchange (NYSE) under the ticker AGRO. As of November 26, 2025, the Market Capitalization stood at $804,944,906. The closing stock price on November 25, 2025, was $7.850.

While the outline mentions direct sales teams for large industrial and milling clients, the data points more toward the commodity off-take agreements. For instance, 48% of the 2025 sugar production was hedged at 20.5 cts/lb. The Crops segment produces over 800,000 ton of grains annually, which are then exported.

Here's a quick look at the financial context underpinning these sales channels as of the latest reported periods:

Metric	Value (US$ thousands)	Period/Date	Source Reference
Gross Sales	715,633	6M25
Adjusted EBITDA	55,367	2Q25
Net Debt	699,235	2Q25
Net Debt / LTM Adj EBITDA (x)	2.3x	2Q25
Sugar, Ethanol & Energy Adj. EBITDA	68,100	2Q25
Market Capitalization	804,944,906	Nov 26, 2025

The operational scale supporting these channels includes specific production metrics. The Rice business mills approximately 400,000 tons of paddy rice in Northeast Argentina. The company's total area under management is over 550+ THOUSAND HECTARES.

The distribution of sales by segment in 2Q25 shows where the revenue is generated:

• Sugar, Ethanol & Energy Adjusted EBITDA: $68,100 thousand.
• Rice Adjusted EBITDA: $9,723 thousand (1Q25).
• Dairy Adjusted EBITDA: $6,840 thousand (1Q25).
• Crops Adjusted EBITDA: $84 thousand (1Q25).

The focus on value-added products is a key part of the domestic channel strategy. For example, the company has 2 dairy-processing plants for fluid milk, powdered milk, and cheese. Also, they have six rice mills and one rice snack facility.

Adecoagro S.A. (AGRO) - Canvas Business Model: Customer Segments

You're looking at the core buyers Adecoagro S.A. serves across its diverse South American operations as of late 2025. The customer base is clearly segmented by the nature of the product, moving from large-volume commodity off-takers to direct-to-consumer retail.

For the commodity-heavy segments, customer relationships are highly concentrated. For the years ended December 31, 2024, more than 67% of the Group's sales of crops went to just 19 well-known customers, both multinational and local, all possessing a good credit history with Adecoagro S.A.. Similarly, in the rice segment for the same period, 65% of sales were directed to 19 well-known customers. This points to a reliance on established, large-scale trading partners for the bulk of the agricultural output.

The Sugar, Ethanol & Energy business, which benefits from strategic production shifts, saw its Adjusted EBITDA reach $120.5 million in the third quarter of 2025. This segment serves customers ranging from global sugar traders to industrial users of ethanol and power purchasers.

The domestic South American market is key for value-added products. In the Dairy segment, management has focused on maximizing the production of fluid milk for the domestic market. The Dairy segment itself generated an Adjusted EBITDA of $7 million in the first quarter of 2025.

Here's a quick look at the financial performance tied to the main business segments as reported in the third quarter of 2025, which reflects the customer demand and pricing environment impacting these groups:

Customer Segment/Business Line	Relevant 2025 Financial Metric	Amount/Value
Global Commodity Traders (Crops/Sugar)	Crop Sales Concentration (2024)	67% of sales to 19 customers
Global Commodity Traders (Rice)	Rice Sales Concentration (2024)	65% of sales to 19 customers
Industrial Processors (Sugar, Ethanol & Energy)	Q3 2025 Adjusted EBITDA	$120.5 million
South American Mass-Market Consumers (Dairy)	Q1 2025 Adjusted EBITDA	$7 million
Institutional and Individual Investors (NYSE)	Market Capitalization (as of Sep 30, 2025)	$785M
All Farming Segments (Crops, Rice, Dairy)	Q3 2025 Adjusted EBITDA	$1.5 million

The company's overall TTM revenue as of September 30, 2025, stood at $1.39B. The Sugar, Ethanol & Energy business, which saw an all-time quarterly crushing record of 4.9 million tons in Brazil in Q3 2025, is clearly a major revenue driver, with its Q3 2025 Adjusted EBITDA of $120.5 million significantly outweighing the Farming business's Q3 2025 Adjusted EBITDA of $1.5 million.

For the investors, Adecoagro S.A. completed its 2025 Shareholder Distribution Program by distributing a total of $45.2 million through dividends and share repurchases.

The Dairy segment's operations involve producing raw milk, which is then transformed into value-added products like UHT milk and cheese. While the exact volume sold to external dairy producers is not specified, the internal transformation process is a key part of serving the domestic market. In 2024, the company produced 199.1 million liters of raw milk, supported by an average of 14,478 dairy cows delivering 37.6 liters per cow per day.

You should note the strategic focus on certain buyers. The company is actively pursuing diversification, evidenced by the agreement to acquire a 50% stake in Profertil, the largest producer of granular urea in South America, aiming to reduce result volatility.

• Global commodity traders are key for Crops, Rice, and Sugar volumes.
• The domestic Argentine retail market buys branded rice products.
• The company is committed to a minimum cash distribution of 40% of the previous year's cash generated to its shareholders.
• The Q3 2025 Gross Sales figure was $323.3 million.

Finance: draft 13-week cash view by Friday.

Adecoagro S.A. (AGRO) - Canvas Business Model: Cost Structure

You're looking at the expense side of Adecoagro S.A. (AGRO) operations, which are heavily weighted toward the direct costs of running massive agricultural and processing facilities. Honestly, for a company this size, you expect the cost of revenue to dominate the picture.

• High cost of revenue, totaling $276.236 million in Q1 2025.
• Finance costs were $24.974 million in Q1 2025, reflecting the debt load.
• General and administrative expenses hit $32.281 million in Q1 2025.
• Operations are capital-intensive, shown by the 3Q25 expansion CapEx driven by a $96.0 million advance payment for the Profertil stake.
• Costs related to land leasing and maintenance are a constant factor, with production costs in 2Q25 at 8.1 cts/lb (excluding depreciation and amortization).

The direct costs of production are clearly the largest component. For instance, the Cost of Revenue for the three months ended March 31, 2025, was $276,236 thousand. Compare that to the General and Administrative Expenses for the same period, which were $32,281 thousand. It's a different scale of spending entirely.

Here's a quick look at the key expense line items from the first quarter of 2025, all in US$ thousands:

Expense Category	Q1 2025 Amount (US$ thousands)	Q1 2024 Amount (US$ thousands)
Cost of revenue	276,236	205,341
General and administrative expenses	32,281	21,684
Selling expenses	37,146	28,585
Finance costs	24,974	21,734

The capital intensity isn't just about day-to-day spending; it's about long-term asset deployment. The company is actively investing in its asset base, which translates to future depreciation and amortization costs, even if those aren't always in the immediate Cost of Revenue line. For example, the expansion CapEx in 9M25, excluding the Profertil down payment, still increased by $13.6 million.

When you look specifically at the farmland component, you see assumptions baked into the 2025 plan that drive future costs. These are the inputs you need to watch for cost control efforts, especially since the company is working on an Action Plan to reduce its cost structure.

2025 Operational Cost Drivers/Assumptions	Metric	Value
Total Planted Area	('000 Has.)	224
Sugar, Ethanol & Energy Production Cost	(usd/ha)	1,583
Rice Yield	(tons/hect)	6.7
Sugar Cane Crushing Volume	(MM Tons)	13.1

Also, remember that higher maintenance costs and increased usage of agricultural inputs, like fertilizers, directly push up unit costs, as seen in the 2Q25 commentary. Also, sourcing cane from third parties adds variable costs compared to using your own land base.

Adecoagro S.A. (AGRO) - Canvas Business Model: Revenue Streams

You're looking at the core ways Adecoagro S.A. brings in money, which is critical for understanding its valuation, especially given the recent commodity price swings you've seen in the market.

The Trailing Twelve-Month Revenue for Adecoagro S.A. was approximately $1.55 Billion USD in 2025. This top-line number is a blend of its agricultural production and energy sales.

Here's a look at the major components driving that revenue, based on the latest available data around the third quarter of 2025:

Revenue Stream Component	Latest Financial Metric/Figure	Context/Period
Farming Segment (Crops, Rice, Dairy)	$768.42 Million USD	Revenue for the last year (highest performing source)
Sugar, Ethanol, and Energy Segment	Adjusted EBITDA: $120.5 million	Q3 2025 performance
Sugar, Ethanol, and Energy Segment	Adjusted EBITDA: $218.4 million	Year-to-date (9M25) performance
Farming Segment (Crops, Rice, Dairy)	Adjusted EBITDA: $1.5 million	Q3 2025 performance

The Sugar, Ethanol, and Energy business showed operational strength in the third quarter of 2025, even with lower global prices. The company actively managed this by switching its focus.

• Switched to ethanol max scenario, representing 58% of production in 3Q25.
• Achieved an all-time quarterly crushing record of 4.9 million tons in 3Q25.
• Year-to-date crushing volume reached 9.8 million tons.

The Farming segment, which includes Crops, Rice, and Dairy, is Adecoagro S.A.'s largest revenue generator by source, but it faced margin pressure from lower international prices and higher dollar-denominated costs for the 2024/25 harvest season. Honestly, you see the EBITDA drop reflecting this pressure.

• Leased area for crops was reduced by approximately 30% to focus on higher-margin specialties.
• Dairy products saw higher volumes sold, but lower prices in value-added products due to weaker domestic demand.
• Rice operations saw record production but sold at a slower pace due to a downward price trend.

Regarding the sale of bio-electricity and cogenerated power, this revenue is bundled within the Sugar, Ethanol, and Energy segment's results, which saw its Adjusted EBITDA increase by 20.3% year-over-year in 3Q25.

For gains from land transformation and sales of carbon credits, specific revenue figures weren't explicitly detailed in the latest public releases, though the company's farmland assets were appraised at $714.8 million as of September 30, 2025. That's a big asset base to draw from, if they decide to transact.

Finance: draft 13-week cash view by Friday.